Monday , March 4 2024

Rwanda signs raw material deal with EIB

Authorities in Rwanda have signed a joint declaration to enhance investment in critical raw material value chains with the European Investment Bank (EIB).

The agreement will strengthen technical and financial cooperation to identify critical raw material sector investment that creates skilled jobs, supports economic development, and ensures environmentally and socially responsible development of critical raw material resources.

“This joint declaration with the European Investment Bank aligns with Rwanda’s commitment to sustainable economic development. We look forward to leveraging this exciting new partnership to create skilled jobs, support our economy, and ensure the responsible utilization of critical raw materials,” said Dr. Uzziel Ndagijimana, Minister of Finance and Economic Planning emphasizing the positive impact on the nation’s development.

EIB Vice-President Gelsomina Vigliotti highlighted that the new partnership represents an important step in line with the CRM Act.

“It is important to secure access to the critical raw material value chain in accordance with the required ESG standards and without which the green and digital transition is not possible. By working together, Africa and Europe can unlock new investment, create new jobs and contribute to the responsible development of essential resources.”

The agreement is the first critical raw materials agreement between the European Investment Bank, the world’s largest international public bank, and an African partner.  EIB has signed similar agreements with the Democratic Republic of Congo, Namibia and Zambia.

With the newly formed partnership, the European Investment Bank actively supports the implementation of the European Critical Raw Materials Act, a crucial step toward securing an affordable and sustainable supply of critical raw materials. The Act, announced by the European Commission in March 2023 and adopted by the European Parliament in September 2023, sets the stage for a sustainable and resilient raw material value chain.

EIB Global technical and financing teams will increase cooperation with critical raw material partners to explore new investment opportunities and increase access to finance for environmentally sound projects that contribute to sustainable long-term economic development.

The collaboration signifies a collective effort to foster sustainable development, strengthen economic ties, and address the growing global demand for critical raw materials, including base metals, battery materials and rare earths.

The joint declaration was signed by European Investment Bank Vice-President Gelsomina Vigliotti during a two-day visit to Kigali. During the visit, Vice-President Vigliotti also confirmed EIB support for the African Pharmaceutical Technology Foundation, attended the inauguration of Africa’s first mRNA vaccine production plant and met political and development finance leaders.

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